Shares of oilfield services company Baker Hughes Inc. could rise significantly if it completes its merger with General Electric Co.'s oil and gas division, according to a report in Barron's.

The companies announced the deal last month, just as competition in the sector started to heat up after several years of low crude prices. The combined company would be the world's second-largest oilfield services provider.

The report said the new company would be well positioned even if oil prices do not rise significantly. It said that Evercore analyst James West believes the stock could be worth $69 a share, more than 10 percent above its closing price of $61.88 on Friday.